AT&T Results Presentation Deck

1Q21 WarnerMedia Segment $ in billions Revenues 8 EBITDA EBITDA Margin WarnerMedia $7.8 $2.2 27.8% 1Q20 $8.5 Direct-to-Consumer $1.3 $2.1 24.9% 1Q21 Subscription Revenues $1.8 1Q20 1Q21 Higher subscription growth and improved advertising trends Advertising revenues up 18.5% with return of sports Expect continued theatrical revenue improvement in 2021 HBO Max success drove DTC subscription revenue growth of ~35% Domestic ARPU+4 stable at ~$12; rising retail mix provides upside opportunity 60 international markets planned by year-end AVOD on target to launch in June 2021 Global Subscribers Domestic Subscribers +4 millions millions 63.9 53.8 1Q20 33.1 April 22, 2021/ © 2021 AT&T Intellectual Property - AT&T Proprietary 44.2 1Q21 HBO Max and HBO subscribers †4 1Q20 1Q21 + See notes slide 11 GODZILLA KONG HBOMAX max ORIGINAL ZACK SNYDER'S JUSTICE LEAGUE HBO ORIGINAL MARE of EASTTOWN Premium content resonating with subscriber base THE NEVERS AT&T

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